Repossession process

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tigger74
Posts: 2
Joined: 12 Apr 2018 12:37

Repossession process

Post by tigger74 » 12 Apr 2018 12:43

What advice would you give to someone who has already been through the restructuring of loan process due to Swiss Franc Fiasco only to find their financial situation and personal circumstances has totally changed for the worse. They have maintained regular contact with the bank of their circumstances and though bank previously supportive and understanding of change in circumstancesis is now asking for property to be handed back to the bank despite it being their primary residence. Is there any further course of action they can take or is this the end of the road as far as the property is concerned? If end of the road what is the repossession process and how long can it take?

Thank you



Nigel Howarth
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Re: Repossession process

Post by Nigel Howarth » 12 Apr 2018 14:36

Hello tigger and welcome to the forum.

There are a number of groups acting on behalf of buyers alleging the mis-selling of Swiss Franc loans. But unfortunately as they have already restructured the loan they have effectively it and I don't believe this avenue will be open to them.

The government announced a Primary residence protection scheme, which is managed by the Cyprus Land Development Corporation. It may be worthwhile if they contact the CLDC to see if they can offer any assistance.

An insolvency helpline was set up in 2015 by the EVROKO party - you can find more details at Insolvency helpline.

They could also speak with their lawyer to see if there are any other avenues open to them.

I believe the bank will need a court order to repossess their property and in the past repossessions have taken years. But the Govt is coming under pressure to speed up the repossession process.

Regards,


Nigel Howarth
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tigger74
Posts: 2
Joined: 12 Apr 2018 12:37

Re: Repossession process

Post by tigger74 » 12 Apr 2018 15:56

Hi Nigel

Thank you for your prompt reply. Unfortunately the property/mortgage is worth more than €250,000 as stated in the primary residence protection scheme info therefore unlikely to be an avenue of consideration. This also mentions financial mediation which as yet has not been proposed to them.

They understood the action being taken regarding mis-selling of swiss franc mortgages but felt under pressure from lawyers etc to accept restructuring to Euros prior to a certain deadline a few years ago.Either way they could not foresee their current situation arising which unfortunately means they can no longer afford expensive lawyers. The insolvency signposting may hopefully be of more help to them.

Thank you again.



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